Venezuelan troops have occupied stores of the chain electronics company known as Daka in an attempt to force the retailer to sell products at cheap prices.
Authorities sent Members of Venezuela’s National Guard to Daka’s five stores on Saturday.
According to reports, hundreds of people lined up outside the Daka stores hoping for bargain.
“Inflation is killing us… something had to be done. I think it is right to make people sell things at fair prices,” said Carlos Rangel, who was among the people queuing outside a Daka store in the capital city of Caracas.
In a speech on Saturday, Venezuelan President Nicolas Maduro said that the rich and right-wing political foes were the “ones who have looted” the country.
He accused Daka of raising prices of products beyond 1,000 percent of cost and said the retail chain’s seizure is simply the “tip of the iceberg.”
“This robbery of the people has to stop,” the Venezuelan president said.
According to Maduro, the Venezuelan right-wingers backed by the United States have waged an economic war to bring down his government.
He said the plot is meant to to cause food shortage, rising inflation, and the theft of government-supplied foreign exchange at the time when the country is facing serious economic problems.